Hong Kong stocks rebound as China Mobile advances

LauraHe

HONG KONG (MarketWatch) -- Hong Kong's Hang Seng Index
HSI, +0.39%
stock benchmark bounced back above the key 25,000 mark Friday morning, rising 0.3% to 25,075.83 after losing 0.7% in the previous session. China Mobile Ltd.
0941, +0.12%CHL, +0.63%
advanced 1.1%, after reports said the leading state-owned telecom is creating a new media company and would open the business to private investors as part of its mixed-ownership reform push. Chinese home-appliances retailer Huiyin Household Appliances Holdings Co.
1280, +0.00%
jumped 8.3% after it reported a swing to profit in the first half of the year. Natural-gas company Towngas China Co.
1083, -1.44%TGASF, +12.74%
rose 0.3%, shrugging off a 12% drop in its interim earnings. However, Li & Fung Ltd.
0494, -0.76%LFUGY, +0.00%
a major supplier for the likes of Wal-Mart Stores Inc.
WMT, +1.02%
and Target Corp.
TGT, +1.89%
tumbled 4.7% after its first-half revenue fell short of market expectations. Over on the Chinese mainland, the Shanghai Composite Index
SHCOMP, +0.56%
edged up 0.2%

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